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AMERICAS
Thoma Bravo, a US-based private equity firm, completed the acquisition of SailPoint, an Austin Texas tech company that provides identity management and governance for unstructured data access, for $6.9bn.
"Identity security is core to cyber security and businesses have realized that to fuel business growth and success, they must start with identity as the foundation for secure business transformation. We've experienced rapid growth and see a tremendous opportunity ahead of us to continue to set the pace in the identity security market as the category leader," Mark McClain, SailPoint Founder and CEO.
SailPoint was advised by Morgan Stanley, Goodwin Procter and ICR. Morgan Stanley was advised by Cooley. Thoma Bravo was advised by Kirkland & Ellis and Finsbury Glover Hering. Debt financing was provided by Blackstone, Golub Capital and Owl Rock Capital.
Global Infrastructure Solutions, a provider of ownership transition management services intended to connect industries and individuals across disciplines and organizations, agreed to merge with Hill International, an American construction consulting firm, in a $173m deal.
"Hill International is the largest independent project management and construction management for-fee firm serving global infrastructure markets. Growing this segment of GISI's consulting platform has been a strategic priority since our 2016 inception. Hill International's addition to the GISI family of companies enables us to extend our value proposition to more clients, employees, our shareholders and the communities we serve," Rick Newman, GISI President and CEO.
Hill International is advised by Houlihan Lokey, Duane Morris and The Equity Group. Global Infrastructure Solutions is advised by UBS, Cooley and Sharpe Capital Communications.
Crestview Partners, a private equity firm, completed the investment in Digicomm International, a Colorado-based value-added broadband distributor and reseller. Financial terms were not disclosed.
"We are excited to have Crestview as our partner for this next phase in Digicomm's growth and evolution. Our focus on providing industry-leading products and services in an efficient manner to our customers is unwavering, and we look forward to having the additional scale and operational resources necessary to further drive these efforts. We are proud of the results we have achieved over the past 28+ years and believe Crestview's investment will enable us to build meaningfully as we plan for the future," Rob Donziger, Digicomm CEO.
Digicomm International was advised by Moelis & Co and Brownstein Hyatt Farber Schreck. Crestview Partners was advised by Bank of America, Barclays, Davis Polk & Wardwell and Kekst CNC.
Bristol Myers Squibb completed the acquisition of Turning Point Therapeutics for $4.1bn.
Bristol Myers Squibb, an American multinational pharmaceutical company, completed the acquisition of Turning Point Therapeutics, a clinical-stage precision oncology company, for $4.1bn.
"The acquisition of Turning Point Therapeutics further broadens our leading oncology franchise by adding a best-in-class, late-stage precision oncology asset. With this transaction, we are continuing our strong track record of strategic business development to further enhance our growth profile," Giovanni Caforio, Bristol Myers Squibb Chairman and CEO.
Turning Point Therapeutics was advised by Goldman Sachs and Cooley. Bristol Myers Squibb was advised by Gordon Dyal & Co, Kirkland & Ellis and Joele Frank.
PSG, a private equity firm, completed an investment in Addigy, a SaaS-based Apple device management provider. Financial terms were not disclosed.
“This is a space we have been watching for some time, and in our view, the product Jason and his team developed and brought to the MDM market fills a key need for IT teams and MSPs, specifically with its understanding and expertise of the macOS software. We believe Addigy’s platform provides an agile solution with the ability to scale and support Apple device integration for businesses as they grow. We are excited to work with the team to bring this solution to a broader range of corporations and MSPs,” Rick Essex, PSG Managing Director.
Addigy was advised by Cascadia Capital, Reinhart Boerner Van Deuren and CJ Media. PSG was advised by Weil Gotshal and Manges and Prosek Partners.
Roth Capital Partners, an investment bank, agreed to acquire MKM Partners, an institutional equity trading, sales and research firm. Financial terms were not disclosed.
“The transaction with ROTH will provide catalysts and resources that will deepen our ability to provide market intelligence and strategies to our clients. The foundation of the transaction represents our focus of unlocking a number of revenue opportunities while benefitting from the complementary workforces of both firms. We look forward to growing the business in the US and globally, as well as creating a number of opportunities for our professionals, partners, and clients,” Sagar Sheth, MKM Partners CEO.
MKM Partners is advised by Houlihan Lokey and Hunton Andrews Kurth. Roth Capital Partners is advised by Oppenheimer & Co and DLA Piper.
Shamrock Capital, a private equity firm, led a $110m Series D round in VidMob, a platform for Intelligent Creative, with participation from ID Fund, DraftKings, eGateway, PROOF, Adobe, Shutterstock, BuildGroup and Spruce House.
“We are proud to have had Shamrock Capital lead our latest investment, which will accelerate the power of creative data to help customers, agencies and brands refine their messages to be more clear, powerful, and effective. Their investment is a testament to the quality of VidMob’s technology, the positive impact that our customers experience every day, and the opportunity ahead,” Alex Collmer, VidMob CEO and Co-Founder.
VidMob was advised by Cooley. Shamrock Capital was advised by Willkie Farr & Gallagher.
Behrman Capital, a private equity firm, completed the acquisition of George Industries, a designer and manufacturer of mission-critical and highly engineered components for the defense, aerospace and industrial sectors. Financial terms were not disclosed.
"George Industries has an impressive reputation and is well-positioned to take advantage of the growing need for thermal management products serving high-reliability industries, particularly in the defense sector. This transaction builds upon our strong defense and aerospace industry track record, following recent acquisitions of Micross, kSARIA and previous highly successful investment in Data Device Corporation. We are very enthusiastic about our new partnership with George Industries, and we see significant potential in the next stage of the Company's growth trajectory both through organic initiatives and select acquisitions as we build around the Company's thermal management capabilities. We look forward to partnering with the leadership team and continue the legacy that has been built through 60 years of operations," Grant G. Behrman, Behrman Capital Managing Partner.
George Industries was advised by Houlihan Lokey. Behrman Capital was advised by Kekst CNC.
The Aspen Group, one of the largest and fastest-growing consumer healthcare support companies in the US, agreed to acquire AZPetVet, a network of 22 animal hospitals in the greater Phoenix area. Financial terms were not disclosed.
"We've proven and refined the model with Aspen Dental and built the only national dental brand. We've now applied it to three other consumer healthcare brands in ClearChoice, WellNow and Chapter and we couldn't be more excited to partner with AZPetVet," Bob Fontana, TAG Chairman and CEO.
AZPetVet is advised by Raymond James. TAG is advised by JP Morgan.
GEODIS, a transport and logistics firm, agreed to acquire Need It Now Delivers, a courier messenger service in NYC. Financial terms were not disclosed.
"The acquisition of Need It Now Delivers is a key step through which we will strengthen and diversify our offerings in the US, providing our customers with a global and integrated end-to-end freight network in the United States, from international transport to last-mile delivery. This new acquisition represents an important milestone as we continue to progress on our strategic plan, Ambition 2023," Marie-Christine Lombard, GEODIS CEO.
GEODIS is advised by UBS. Need It Now Delivers is advised by Jefferies & Company.
The Sage Group, a British multinational enterprise software company that offers payroll, HR, and finance services, agreed to acquire Lockstep, a provider of cloud native technology that automates accounting workflows between companies. Financial terms were not disclosed.
"The acquisition of Lockstep represents an important milestone in our growth strategy. Its complementary portfolio of products, resources, and know-how accelerates our ambition to be the trusted network for SMBs. Working together we will continue to knock down the barriers that limit CFOs and accounting teams by streamlining their workflows, improving productivity and efficiency, and enabling them to focus on more valuable, human work," Aaron Harris, Sage CTO.
The Sage Group is advised by Skadden Arps Slate Meagher & Flom and FGS Global.
Merck, an American multinational pharmaceutical company headquartered in Rahway, New Jersey, led a $221m Series B round in Orna Therapeutics, a biotechnology company pioneering a new class of fully engineered circular RNA therapies, with participation from MPM Capital and BioImpact Capital.
"In under three years, Orna has taken proprietary circular RNA from academic literature to the first proof of concept data in preclinical models. Investors continue to recognize our premier technology and the hard work of our team, and we are pleased to see such unwavering belief in the potential of circular RNA to revolutionize how we treat disease," Tom Barnes, Orna CEO.
Orna Therapeutics was advised by SVB Securities.
Apax Partners, MSD Partners and Sixth Street led a $170m Series E round in Guesty, a property management platform for the short-term rental and hospitality industry, with participation from Viola Growth and Flashpoint.
"As alternative property management operations become more complex, Guesty is paving the way for the next generation of digital hospitality services. Their track record of success and innovation, along with their platform's growing suite of tools and intuitive user experience has Guesty positioned to define and consolidate its category, working with hosting businesses of all sizes. We are excited to continue partnering with the company as it continues to transform the industry," Dave Evans, Apax Partner.
Guesty was advised by JP Morgan.
Flagship Pioneering, an American life sciences venture capital company, led a $123m Series C round in Senda Biosciences, a company that is harnessing nature to program targeted, potent, and tunable medicines, with participation from Samsung Life Science Fund, Qatar Investment Authority, Bluwave Capital, Stage 1 Ventures, Alexandria Venture Investments, Longevity Vision Fund, Mayo Clinic, Partners Investment, and State of Michigan Retirement System.
"Senda is pioneering the development of comprehensively programmable medicines with the potential to reach previously inaccessible cells, tissues, and organs. We believe our approach could transform the lives of patients in need of novel treatments, and so we're delighted to have attracted support from investors who recognize this potential and its significance," Guillaume Pfefer, Senda Biosciences CEO.
Senda Biosciences was advised by Little Dog Communications.
Sole Source Capital-backed Dallas Plastics, a manufacturer of blown polyethylene film, completed the acquisition of Emballage MPP, a company that specialises in the production of flexible polyethylene films. Financial terms were not disclosed.
"We are excited to welcome MPP to the Dallas Plastics portfolio. With a focus on food packaging products and exposure to the Canadian market, we believe MPP makes a great addition to our growing company. We look forward to continuing to provide MPP’s customers with the excellent customer service and quality that they’ve come to expect from Angelo Orlando and his team," Kevin Pierce, Dallas Plastics CEO.
Sole Source Capital was advised by Mendel Communications.
Thompson Street Capital Partners, a private equity firm, completed the acquisition of OrboGraph, a provider of automated healthcare payments reconciliation services. Financial terms were not disclosed.
"This acquisition brings together two great assets in RMS and OrboGraph. I look forward to working with RMS to integrate the healthcare services of the businesses and to continue to lead and focus on the growth of our check business as a stand-alone division within RMS,” Barry Cohen, OrboGraph CEO.
Thompson Street Capital Partners was advised by BackBay Communications.
General Atlantic, a global growth equity firm, led a $150m Series D round in HiBob, the company behind Bob, the HR platform transforming how organizations operate in the modern world of work, with participation from Bessemer Venture Partners.
"HiBob's ability to grow alongside its largest customers and move with them into new geographies is a remarkable sign of execution. We are proud to continue our support for the company with another significant investment from our fund," Adam Fisher, Bessemer Venture Partner.
Fidelity National Financial, a provider of title and transaction services to the real estate and mortgage industries, agreed to acquire AllFirst Title Insurance Agency, a provider of title examination, title plant, abstract, and settlement services for residential, commercial, farm and ranch sales. Financial terms were not disclosed.
"We are excited to bring AllFirst and its portfolio of strong regional brands into the FNF family of title companies to continue expanding our leadership position in the industry through our multiple brand strategy," Mike Nolan, Fidelity National Financial CEO.
Dragonfly Capital, a crypto venture company, completed the acquisition of MetaStable Capital, a cryptocurrency asset hedge fund. Financial terms were not disclosed.
“The bear market has caused a lot of traditional funds and crossover funds to exit the crypto market. We’re the opposite: we’re going deeper, and committing to our crypto-native roots.” Haseeb Qureshi, Dragonfly Managing Partner.
Citrix bankers pitch fresh structure for $15bn buyout debt.
Citrix Systems bankers are doing whatever it takes to get one of the biggest buyout financings of the past decade off their books, pitching investors a revised $15bn deal to help limit potential losses as the credit market thaws, Bloomberg reported.
The banks, which are holding pre-marketing discussions with investors this week, are gauging interest in a new potential $500m-equivalent leveraged loan denominated in euros.
OTPP, FountainVest vie for EQT's stake in GPA Global. (FS)
Ontario Teachers' Pension Plan Board, one of Canada's largest public-sector pension managers, is among shortlisted bidders to acquire a stake in specialty packaging company GPA Global from buyout firm EQT, Bloomberg reported.
OTPP, as the investment firm is known, is competing with Asian private equity firm FountainVest Partners. Talks are advanced and a buyer could emerge within the next few weeks.
Crypto firm BitGo says it drew all-cash offer, could opt for IPO. (FS)
Crypto custody firm BitGo attracted an all-cash offer that exceeded the value of the now-terminated deal with Mike Novogratz’s Galaxy Digital Holdings, Bloomberg reported.
"That came in the last couple of months but BitGo isn’t actively entertaining acquisition offers at the moment and could list on the stock market if the timing is right," Mike Belshe, BitGo CEO.
Thompson Street Capital Partners closes its sixth private equity fund with more than $1.5bn of commitments. (FS)
Thompson Street Capital Partners, a private equity firm focused on investing in founder-led middle market businesses, announced the closing of its sixth committed capital investment fund, Thompson Street Capital Partners. The fund was oversubscribed with total commitments exceeding the $1.5bn target.
"Our focus when we launched the firm 22 years ago was to invest in exceptional companies and facilitate their strategic growth, and our track record illustrates we've done exactly that. The support for TSCP VI from both existing and new investors has been excellent, demonstrating confidence in the strength of our team and the success of our investment approach," Jim Cooper, TSCP Founder and Managing Partner.
Apogem Capital closes its sixth and largest secondary fund at $614m. (FS)
Apogem Capital held a final close for PA Secondary Fund VI with approximately $614m in total commitments. The fund exceeded its target fund size of $500m and more than doubled the size of its predecessor fund.
“We believe our leadership position in the middle market is even stronger following the closing of the merger with PA Capital, Madison Capital and GoldPoint Partners. We offer innovative and timely solutions to LPs and GPs and believe our PASF VI program1, which represents almost $900m in committed capital, has never been more relevant. The addressable universe of middle market LP and GP secondaries that we pursue continues to grow, and we feel we are exceptionally well positioned given our multi-decade history in the space,” Michael Zeleniuch, Apogem Capital Managing Director.
EMEA
Apollo, through its managed investment vehicles, acquired an 11.1% minority stake in Aldar Investment Properties, a subsidiary of Abu Dhabi-listed Aldar Properties and the region’s largest institutional-class real estate platform, following the completion of a $400m transaction. The acquisition is part of the previously announced $1.4bn investment by Apollo into Aldar’s transformational growth initiatives.
"We welcome Apollo as strategic investors in Aldar Investment Properties at a time when we are building significant scale, diversification, and synergies across the region’s premium platform for property ownership. Apollo is a highly respected global investor, and this commitment displays strong belief in Aldar’s transformational growth agenda and reinforces the reputation of the UAE and Abu Dhabi, which is experiencing a trend of increasing capital inflows from long-term institutional investors," Talal Al Dhiyebi, Aldar Properties CEO.
Aldar is advised by Brunswick Group.
HeadsUp, a global gaming operator and media company focusing on online gaming, online poker, eSports, sports betting, online lottery, mobile 50/50, charity fundraising platforms, software and blockchain-based payment solutions, completed the acquisition of Spinola Gaming, a global lottery software provider. Financial terms were not disclosed.
"The full acquisition of Spinola and its related assets is an integral part of HeadsUp's global strategy across the Charity, Lottery and Gaming space and the takeover of Spinola will not only enable it to expand into new global markets but also execute on its existing strategies with its full range of Lottery, Instant Win and charitable fundraising solutions," HeadsUp.
Norway's wealth fund loses record $174bn in first half of 2022. (FS)
Norway's sovereign wealth fund, the world's largest, made a record loss of $174bn in the first half of 2022 as stocks and bonds were hit by global recession fears and rampant price inflation, Reuters reported.
The $1.3tn fund's return on investment was a negative 14.4% for the January-June period, which was still 1.14 percentage points ahead of the return on its benchmark index.
"The market has been characterised by rising interest rates, high inflation, and war in Europe," Chief Executive Nicolai Tangen of Norges Bank Investment Management, which operates the fund, said in a statement.
APAC
Renewable energy developer Genex Power received a sweetened buyout offer of about $243m from a consortium led by Atlassian co-founder Scott Farquhar, Reuters reported.
The consortium, which includes Farquhar's Skip Essential Infrastructure Fund and Stonepeak Partners, raised its offer from $0.16 per share to $0.173 apiece. The latest bid represents a 13.6% premium to Genex's last close. Genex said its board would recommend the proposal if the private equity firms make a binding offer.
Genex Power is advised by Goldman Sachs, Gilbert + Tobin and Domestique.
RATCH Group, a Thailand-based independent power producer, agreed to acquire the portfolio of Australian and Southeast Asian energy assets from Denham Capital-backed Nexif Energy, the renewables-focused power development and investment company, for $1bn.
"Nexif Energy executes on a market need based strategy. In Australia, we have developed and implemented a firmed renewable strategy around the Lincoln Gap Wind farm supported by Snapper Point gas-fired Peaker and BESS play. Furthermore, in Vietnam, we’ve delivered a project based on small Hydroelectric generation with peak storage together with onshore and offshore wind and solar and in Philippines an innovative long term contract structure for solar in an open access market. In Thailand, we have delivered a cutting-edge technology-backed cogeneration project achieving the highest energy efficiency in the country," Matthew Bartley, Nexif Founder and Managing Director.
Nexif Energy is advised by Citigate Dewe Rogerson. Denham Capital is advised by FTI Consulting.
KKR exits Indian hospital chain Max Healthcare pockets over $1bn. (FS)
Global private equity major KKR sold its entire 27% stake in Indian hospital chain Max Healthcare through its affiliate Kayak Investments, in one of the largest bulk deals in recent months, DealStreetAsia reported.
Founders of Singapore rubbish collector 800 Super close to sale deal. (FS)
The founders of Singaporean rubbish collector 800 Super Waste Management, backed by private equity firm KKR & Co, are nearing a deal to sell the business which could value it at around $300m, Reuters reported.
Final bidders for 800 Super include Australia's Macquarie Asset Management and KKR, which funded 800 Super's 2019 management-led buyout from the local bourse and owns a minority stake in the company.
Blackstone-backed PAG weighs delaying $2bn Hong Kong IPO. (FS)
PAG, an Asia-focused private equity firm backed by industry giant Blackstone, is considering a delay of its planned initial public offering in Hong Kong amid market volatility, Bloomberg reported.
The firm, led by Chinese dealmaker Weijian Shan, is now more likely to make its debut in 2023. PAG is keen to avoid the sale taking place against a backdrop of stock market volatility, potentially leading to investors demanding steep discounts and seeing weak trading in the first days after listing.
SoftBank-backed Socar sticks with sales goals after slashing IPO.
SoftBank Group-backed Socar just halved its listing target because of deteriorating market conditions. That’s doing little to change Chief Executive Officer Jake Park’s resolve to triple sales and improve margins, Bloomberg reported.
South Korea’s largest car-sharing service operator aims to accelerate an overseas and services expansion to lift revenue to KRW1tn ($766m) by 2025, the 36-year-old executive said in an interview. His plan to improve profit margin more than 5 percentage points a year for each car will yield earnings of tens of billions of won in 2022 alone, he added.
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